1308 Fairbanks Ave Winter Park, FL 32789-4804

Property Details for 1308 Fairbanks Ave

Year built

2020

Lot size

0.78 lot acres

Property size

3,262 SF

Zone code

C-3

Property type

Turn key restaurants

APN

12-22-29-0664-00-130

APU

122229066400130

Description

This exceptional investment opportunity presents a fee-simple ownership of a 2,414 square foot Wendy's restaurant located at 1308 W Fairbanks Ave, Winter Park, FL 32789. The property sits on a 0.78-acre lot and boasts a prime location on a heavily trafficked road (34,000 vehicles per day), just 10 minutes from downtown Orlando. Built in 2020, this Class A retail property is under an absolute NNN ground lease with Wendy's Properties, LLC, providing a corporate guarantee. The lease commenced July 31, 2020, and has a remaining term of approximately 10.7 years, expiring July 30, 2035. The lease includes 10% rent bumps every five years and five, five-year renewal options. The current annual net operating income (NOI) is $135,000, resulting in a 4.45% cap rate and a price per square foot of $1,256.42. The asking price is $3,033,000. This property is ideal for a 1031 exchange due to its long-term lease, built-in rent increases, and strong tenant. The Winter Park area is experiencing significant population growth, projected to exceed six percent within a one-mile radius between 2022 and 2027, further enhancing the investment potential. The surrounding area has a dense population (over 276,000 within a 5-mile radius) with high average household incomes exceeding $87,000 annually. This is a rare opportunity to acquire a trophy asset with a strong tenant and significant upside potential.

Location Insight

City

Winter Park

County

Orange

State

Florida

Longitude

-81.3671

Latitude

28.5926

CBSA code

36740

CBSA name

ORLANDO-KISSIMMEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments